Adobe Investor sells 2.5 million shares


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Adobe Investor sells 2.5 million shares

Bobby Raines 10/18/2013

Valueact Holdings, which controls a seat on the board of directors at Adobe Systems ( ADBE ) , sold 2,533,106 shares of the company's common stock between Oct. 15 and Oct. 17. At $52.05 per share, Valueact pulled in $132,060,128. The sale was an 8.1% reduction in the fund's indirect holdings.

IK-> The technicals for ADBE ($52.66 up $0.60) are bullish with a neutral trend. Recent support has been around $51.74 and recent resistance has been near $52.82. Standard & Poor's has a two STARs (out of five) rating on the stock. Look at the Jan. 60/65 bull-put spread for a 30-cent credit. That's a 6.38% return and the stock has to fall 13.9% to cause a problem.  [InvestorsKeyhole, Various news and data services]

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Options

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